The following balance sheet contains errors.

Lopez Services, Inc.

Balance Sheet

For the Year Ended December 31, 20?

Prepare a corrected balance sheet

Transcribed Image Text:

Assets Current assets: Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets $ 6,170 8,500 1,590 345 25,000 $ 45,500 28,250 $ 42,105 73,750 $115,855 Liabilities Current liabilities: Accounts receivable Accum. depr- building Accum. depr- equipment Net income Total liabilities Wages payable Stockholders Equity $ Retained Earnings Total Stockholders' Equity $ Total liabilities and Stockholders' Equity 9,000 13,525 6,340 12,500 $ 40,865 500 10,000 $ 64,490 $115,855 Assets Current assets: Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets $ 6,170 8,500 1,590 345 25,000 $ 45,500 28,250 $ 42,105 73,750 $115,855 Liabilities Current liabilities: Accounts receivable Accum. depr- building Accum. depr- equipment Net income Total liabilities Wages payable Stockholders Equity $ Retained Earnings Total Stockholders' Equity $ Total liabilities and Stockholders' Equity 9,000 13,525 6,340 12,500 $ 40,865 500 10,000 $ 64,490 $115,855

Answer rating: 100% (QA)

Lopez Services Inc Balance Sheet For the year ended December 31 20 Asset Li... View the full answer